Self-insured plans

View other products

If you choose a self-insured workers’ compensation plan, that doesn’t mean you need to operate alone. While these plans allow you to manage costs and provide your employees the care they deserve, working with an experienced, financially sound insurer can help reduce the inherent risk of self-insuring. At Sentry, we’ll work with you to control your cost of losses, and with our transparent cost structure, you’ll know exactly where you stand.

We're ready to be a part of your risk management program—helping you not only reduce the costs of your insurance, but of managing your claims as well.

FAQs

While these plan structures are similar, in that the insured business takes on most, if not all, financial responsibility of a loss, the fundamental difference is this: With a large deductible plan, you are still technically insured but you reimburse the insurance company for losses within your deductible. Since you’re insured, the insurance company is ultimately responsible for the loss costs. With self-insured workers’ compensation, the employer, not the carrier or claim administrator, is ultimately responsible for the loss costs. You can discuss the finer point with our knowledgeable people and determine which, if either, of these plans makes sense for you.

Self-insurance plans tend to work best for large employers with the financial resources—and stability—to handle the unpredictability of workers’ compensation claims. There are, however, many smaller businesses who choose to self-insure. Ultimately, it comes down to your business’s financial situation and tolerance for risk. Also, keep in mind that not all states permit businesses to self-insure.

Most businesses that choose to self-insure will also purchase excess insurance, allowing them to safeguard against unexpectedly large losses. At Sentry, we offer excess coverage for self-insured businesses, acting as the third party administrator (TPA). In these cases, we maintain control of handling claims—which, considering our knowledgeable claims team, is an excellent value for the business.

Significant figures

4k+
Sentry associates

We have more than 4,000 associates working at offices located throughout the United States.

$1B+
Paid in claims

A 1964 claims payment of $69.10 to a Virginia dealership put Sentry over one billion dollars in claims payments.

27
Years

Sentry has received an A+ rating from A.M. Best for 27 years in a row.*